Oil hits three-week high as the surplus shrinks faster than expected

With the major producers of OPEC accelerating the timeline for restraining a worldwide supply glut, oil has advanced to a three-week high. This move will bring about a balance in the global crude supplies by the end of September. Moreover, there are concerns looming that the US President might toughen sanctions against Iran. Analysts opine that the oil market is in reasonably good health at the moment.